River Region enjoys real estate boom but for how long?
MONTGOMERY, Ala. (WSFA) - The real estate market in the River Region isn’t just doing well, it’s booming! It’s a seller’s market fueled by low interest rates, more people looking for homes, and supply and demand. But how long will it last?
The real estate boom is blowing the doors of the market and, oddly enough, it started just as a pandemic was beginning to take root a little more than a year ago.
“And it’s done nothing but get better and better,” said Prattville realtor and agency owner Bo Evans.
Evans, a 30-year veteran, listed a home in Prattville and got 30 showings in just one day. It sold within 48 hours.
“Above price,” Evans explained when asked if the buys paid full price.
On a broader scale, the River Region has around 2,200 realtors and, as of one week ago, more than 800 residential listings on the market.
“There were roughly three listings for every realtor. If I had to simplify it, it’s simple supply and demand and there’s a lot of new buyers on the market,” Evans explained.
Evans offers a few tips for sellers; don’t be surprised if the first five people look at your house and make an offer; don’t overprice it; and for buyers, be patient and know there will be other houses, and listen to your realtor.
Evans says the current market is unlike what we remember in the late 2000s when many lenders got careless with their lending. A housing crash followed.
But Evans doesn’t see that happening this time around.
“It’s different. Lenders, although interest rates are low, they haven’t gotten into ‘funny-money’ loans,” he said.
In fact, it’s going so well Evans doesn’t see a slow down in the market for at least a year and a half, maybe a little longer.
“You’ll still have those strong demands. You’ll still have those people who made that decision to buy a house,” said Evans.
Until then, it’s an avenue of gold for agents and sellers. And there’s no immediate end in sight.
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